DPCM Capital called an Aug. 2 meeting for shareholders to vote on the proposed acquisition of D-Wave Systems, which develops quantum computing systems, software, and services. The SPAC noted that its registration statement on the deal has been declared effective by the SEC.
If approved, D-Wave shares and warrants would list on the NYSE under the new ticker symbols QBTS and QBTS.WS.
Announced in February, the deal gives D-Wave an equity value of approximately $1.2 billion. The transaction also includes an incentive structure in which a bonus pool of 5 million shares will be allocated pro rata to non-redeeming public stockholders of DPCM Capital, effectively reducing their cost basis. A similar bonus pool of up to 1.8 million shares has been established for PIPE investors to ensure the same effective cost basis for PIPE investors as for public stockholders.
The parties last month agreed to waive the $30 million minimum cash condition. Read more.
